I've heard that through the grapevine, and other commenters have concurred, but I've never confirmed it.

Update: according to 11 USC Section 507, wages fall in 3rd place. I am not a lawyer so I may be reading this all wrong, but it goes "administrative expenses", "unsecured claims", then wages up to $4000 (about half of what I'm owed) and earned within 90 days of the bankruptcy filing. It's been about a year since I quit the company, and the wage claim through the labor board has a 3-year statute of limitations. I wonder what would happen if I filed a wage claim on a bankrupt company...

(http://www.lawdog.com/bkrcy/bkmd3.htm#726.)